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It’s time to raid your piggy banks and change jars!

The information provided in this article was accurate at the time of publishing and should be read in the context of the date it was published. Views in this article are those of the author alone and do not necessarily represent the view of Scottish Friendly.

If like me, you collect your loose change in a jar; or the kids have a piggy bank they save their pocket money in; you might want to raid them and soon!

You’ll no doubt have noticed the shiny new 12-sided £1 coins became legal tender on 28th March this year and are dubbed “the most secure coin in the world”. To make way for these, the old style round pound coin is being withdrawn form circulation.

As of midnight on the 15th October, the old ‘round pound’ coins lose their legal tender status. The Royal Mint is recommending that you either spend any you might have before this date or deposit them into a bank account.

Alternatively, you could make your round pounds work harder for you by taking advantage of the growth potential of the stock market. Once you’ve deposited your stash of ‘round pounds’ into your bank account, you could make a lump sum payment from £100 in our Investment ISA or £50 in our investment Junior ISA. Or if you want to get into a regular savings habit, you can start to invest monthly from only £10 a month into our Investment ISA or Investment Junior ISA.

However you should remember that stock market investments can go down as well as up and you could get back less than you pay in.

No advice has been provided by Scottish Friendly. If you are in any doubt as to whether a savings or investment plan is suitable for you, you should contact a financial adviser for advice. If you do not have a financial adviser, you can get details of local financial advisers by visiting www.unbiased.co.uk. Advisers may charge for providing such advice and should confirm any cost beforehand.